Mis-Selling Of Personal Pension Plans (No. 2)

EDM number 315 in 1993-94, proposed by John Denham on 11/01/1994.

That this House notes with great concern that up to two and a half million individuals have been wrongly advised to leave the state earnings related pension scheme for personal pension schemes, that up to half a million occupational pension holders have been mis-sold personal pension plans and that there is an extremely high cancellation rate of other personal pensions; further notes the demonstrable failure of self-regulation to prevent this scandal; believes that the Conservative Government bears responsibility for the irresponsible promotion and mis-selling of inappropriate pensions; and calls on the Government to ensure full compensation of victims and to establish an independent inquiry into the regulation and management of the financial services industry.

This motion has been signed by a total of 144 MPs, 3 of these signatures have been withdrawn.